I tested this a few years ago and realized that all 3d software have the same algorithm, eveyone need polygons to show the best projection without stretching, except Nuke, but today i was surprised that Maya got it also, and it works perfect without any subdivisions. So i wonder if Houdini got it already and i dont know it? or we are still waiting for this, cuz sometimes i have such tasks where i cant add subdivisions but need to project textures or concepts on objects.
here is examples
maya
houdini